There are certain standard costs associated with closing the sale of a home. Sellers and buyers usually split these costs, as the real estate sales contract specifies.
Many of the costs associated with buying a home are associated with getting a mortgage loan. Since Bob Rutledge Mortgage is highly experienced with mortgages & closings, we often explain the details of closing costs.
Buyers get a "Loan Estimate" of closing costs around the time the loan application is submitted to the lender. We base this cost estimate on our extensive past experience. It's important to note that while our LEs are very accurate, we can't always estimate your costs to the penny. We answer buyers' questions about closing costs every day at Bob Rutledge Mortgage, so don't hesitate to contact us if we can help answer your questions.
We've provided a general list of closing costs below, but we will give you a specific list of closing costs, with amounts, very soon after you complete your application. At Bob Rutledge Mortgage, we don't believe in surprises, so if your costs change, we will be sure to let you know immediately.
Standard Closing Costs Loan-Related Costs Up-front Interest Payment Escrow Account Various TaxesLoan Origination Fee Points — These are costs you pay up-front to lower your interest rate (optional) Appraisal Costs Credit Report Property Taxes Recording Fees and Transfer Taxes Insurance Homeowners Insurance Title Insurance Flood / Quake Insurance Private Mortgage Insurance (PMI)
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